Morning Commentary: Jazz Pharmaceuticals, Vipshop trading firm to better despite stock markets’ sag

By Rebecca Melvin

New York, March 21 – A couple of U.S. convertibles were trading better early Tuesday even as stock market indices traded off.

Jazz Pharmaceuticals plc’s 1.875% convertibles due 2021 traded at 107.25, which was up slightly from a late-Monday trade at 107.16. The bonds rose to 107 from 103 on Monday after the Dublin-based pharmaceutical company announced positive drug efficacy results from late-stage drug obstructive sleep apnea studies.

Jazz shares were off $2.45, or 1.7%, to $141.63 early Tuesday.

Vipshop Holdings Ltd.’s 1.5% convertibles due 2019 were also better again, trading early Tuesday at 102.5, which was up from 102.375 late Monday, despite lower shares early Tuesday. Shares were down 50 cents, or 3.5%, at $13.77.

The bonds on Friday has been at 101.75 to 102, according to Trace data.

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